menu

Chainlink Price Analysis: 21 February – AMBCrypto News

Category: ChainLInk News

A new day and a new high for Bitcoin and many other altcoins. However, despite the surge witnessed earlier, the crypto market has been noting a period of consolidation as the buying pressure lowers. Chainlink [LINK] has been major crypto in the market that has been able to carve out a niche in the decentralized finance ecosystem and has been trading upwards since the start of the month.

With a market capitalization of $13.96 billion, Chainlink’s native token LINK slipped to the ninth position on the CoinMarketCap list. At the time of writing, the digital asset was being traded at $34.42.

Chainlink daily chart

Source: LINKUSD on TradingView

The above chart of LINK highlighted the price increasing within an ascending channel. The price has increased by at least $10 within the channel, but there could be a negative breakdown for the price going forward.

Reasoning

Despite the bullishness in the market, there could be a trend change making its way into the LINK market. The Bollinger Bands have been seeing the market become more volatile as the bands diverge. Meanwhile, the 50 moving average along with the signal line remained under the candlesticks serving as a support.

Whereas, the relative strength index has remained close to the overbought zone. This suggested that there were more buyers in the LINK market than sellers. The indicator had briefly entered the overbought zone, however, it has retraced its steps.

A correction could make its way to the LINK market as it has been saturated by the buyers and its indicators were in the extremes.

Important levels

Entry-level: $26.65
Stop-level: $37.82
Take profit: $26.65
Risk to Reward: 1.27

Conclusion

The Chainlink
Source…

< NEXT Cryptocurrencies Price Prediction: Bitcoin, Dogecoin & Chainlink – Asian Wrap 22 Feb - FXStreet

PREV > Bitcoin's Rise Could 'Pull' Chainlink (LINK) to $80 - Crypto Analyst - Ethereum World News

Leave a Reply

Your email address will not be published. Required fields are marked *